INCOME TAX

Taxes in India can be divided as direct and indirect taxes. Direct tax is a tax you pay on your income. Indirect tax is a tax that somebody else collects on your behalf and pays to the government. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as : 1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed 2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporate has been prescribed by the income tax laws of India.

rcco-banner

Individual Income Tax Return:

For Individuals, HUF, AOP and BOI, taxes are based on income slab basis.

  • Income Up to Rs.2,50,000 – Nil Tax.

  • Between Rs.2,50,000 – Rs.5,00,000 – 5%.

  • Between Rs.5,00,000 – Rs.10,00,000 – 20%

  • Above Rs.10,00,000 – 30%.

    Do note: Above said rates are calculated on slab basis.

    RCCO Specifications:

    1. RCCO is trusted by 5,000 + Clients
    2. 24*7 Customer support for premium clients
    3. Secured server
    4. Eco friendly services

File your return?
Please share your details (One of our Customer relationship executive will call back)  or reach us at 8978385893

Due dates
31st Dec – Due date for Investment proofs
31st Mar – Due date for Investments
31st July – Due date for Income Tax return

Package:

  • Income Tax return – Rs.1,000 – Source of Income - Income from salary + Fixed Deposit income (If any).

  • Income Tax return – Rs.2,000 – Source of Income - Income from salary + Fixed Deposit income (If any) + Consultation

  • Income Tax Return – Rs.3,000 – Source of Income – Income from salary + Fixed Deposit income (If any) + RSU + ESOP + ESPP disclosures + Consultation

  • Income Tax Return – Rs.5,000 – Source of Income – Income from salary + Fixed Deposit income (If any) + RSU + ESOP + ESPP disclosures + Capital Gain computations + Consultation

  • Income Tax Return – Rs.15,000 – Source of Income – Income from salary + Fixed Deposit income (If any) + RSU + ESOP + ESPP disclosures + Capital Gain computations + Derivatives + Consultation
    Package of 3 years can be taken – By paying 2 years pre-payment

    Looking for negotiation – Yes we are startup, we are concerned for clients rather than funds –Please share your details (or reach us at 8978385893)

  • Need an article link – To be linked to Articles < Income Tax
    FAQ?
    1) Tax Savings Plans – Yes, our team got wide exposure of wealth management

    2) Do you charge fees on refund basis – No, our prices are standard and we charge on basis of work involved

    3) I have form 16, is that I need pay double your quote? – No,

tax-return

Income Tax – Corporate:

All companies incorporated in India are required to file income tax returns. Under the Income Tax Act 1961, company tax return filing is of 2 types, namely domestic company and foreign company.
Domestic company means an Indian company registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company.

Tax Rates:

Turnover up to Rs.250 Cr (Previous year) – 25%

Turnover exceeding Rs.300 Cr (Previous year) – 30%

Due Date:

Income Tax Return – 30th September

ITR Forms

  • ITR 6 - Companies registered in India and operating business for profit must file Form ITR 6. Hence, private limited companies, limited companies and one person companies would be required to file Form ITR6.

  • ITR 7 - ITR 7 must be filed by companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). Hence, only Section 8 Company would be required to file income tax return in for ITR 7. In other words, non-profit organization companies.

    Get Complied? - share your details (or reach us at 8978385893)

07-home

Who can be AOP and BOI?

1. Apartment associations

2. Community associations

3.Welfare Organizations

4.Regional associations etc

Get Complied?  share your details (or reach us at 8978385893) 

Income Tax Consultation:

  • Compliances:
    In RCCO we suggest various kind of tax saving investments

  • Comparative studyExplore:
    Assessee can explore options with return of investment along with tax saving ROI..

  • Planning:
    Plan your financial needs as per your growth standards through our experienced wealth managers

  • Insurance:
    Explore wide range of adequate insurance options through experienced insurance consultants Get Complied? Please share your details (One of our Customer relationship executive will call back)

rcco3

Income Tax – Business Income Tax– Sole Proprietor + Partnership Firm + AOP + BOI + HUF:

What is Business Income Tax Return?
It is a statement of Income, Expenses, Assets and liabilities. Assessee shall need to file Business ITR if his taxable income is crossing Rs.2,50,000/-

While filing Income Tax Return, Assessee needs to disclose his turnover, expenses and derive the actual profit during the financial year along with assets and liabilities statement as on relevant financial year end.

Who and all need to file Business Income Tax Return?

  • Sole Proprietor

  • Partnership Firms

  • HUF

  • Private Limited Company (Link to Corporate Income Tax)

  • LLP (Link to Corporate Income Tax)

  • OPC (Link to Corporate Income Tax)

How RCCO Files?

1) Collection of Data

2) Preparation of Books of Accounts

3) Off site meeting with Balance sheet, Profit and Loss and Income Computation sheet

4) Tax Payment and Tax Filing

FAQ?

1) How Long it take – Depends on transactions, typically 5 to 10 days

2) Is there any on-site visits – Yes, with additional charges

3) Is our data secured – Yes, we use secured data base stream

Pricing ? – Please   share your details (or reach us at 8978385893)

tax-team

Taxation for AOP and BOI:

The income tax Act prescribes a specific mode for calculation of income and taxability in the case of Association of Persons.

What is AOP and BOI?

An association of persons means an association in which two or more persons join in a common purpose or common action. The term person includes any company or association or body of individuals, whether incorporated or not. An association of persons may have companies, firms, joint families as its members

How RCCO assist in Filing?

  • Collective meeting with association members

  • Collection of data

  • Preparation of Books of accounts

  • Derivation of Income and Expenditure account

  • Drafting Receipts and Payments account

  • Finalizing Balance sheet and Profit & Loss

  • Filing Income Tax Return

Computation of Income?

The total income under the different heads i.e. Income from house property, Profits or gains of business or profession, Capital gains, and income from other sources shall be worked out ignoring incomes which are exempt.